Glitnir A focused and well positioned Nordic Lárus Welding – CEO March 13 2008 Executive Summary Strong and sustainable business model

Sound revenue  High proportion of core income (90% in 2007) mix  Diversified revenue mix, both by type and geography

Strong Nordic  Full banking and integrated service offering in home markets platform and  Advisory and asset management service offering across the Nordics supported by no. 2 equity broker position in the region

Unique position  Leading global player in Seafood and Geothermal Energy in Niches  Strong player in the Norwegian Offshore Service Vessel market

High asset quality  Diversified well collateralized loan portfolio  No sub-prime exposure

Favorable  Norway and Iceland are two of the world’s wealthiest economies underlying  Dependence on strong sectors such as energy, seafood, country risk aluminium and tourism 2 Clear Vision

3 The Journey – Built on Nordic Heritage Well positioned for further international growth

1904 – 1997 1998 – 2007 Next five years s

t  Universal banking service offering  Strong organic growth outside Iceland  Strong Nordic Corporate Bank providing n integrated solutions backed by

e  Foundation for Niche expertise  Offices in: c i Corporate Finance and Capital Markets

m established

n , London, , p a , Halifax & New York  Global leader in Seafood & Sustainable o g l

r Energy

e  Becoming Glitnir O v e d

Universal Banking International Future in Iceland Expansion Vision s t

n c

i e  Domestic consolidator in the financial  Kreditbanken, Norway (2004)  Bolt-on acquisitions supporting the g

m sector  BNbank, Norway (2005) strategy & Vision e t p a

o  Norse Securities, Norway (2006) l r t e  Fischer Partners, (2006) S v

e  FIM, Finland and Russia (2007) d

Assets : ISK 89.5 bn1) Assets : ISK 2,948.9 bn 2) PBT : ISK 1.1 bn1) PBT : ISK 33.9 mm2)

Note: 1. End of 1997 Note: 2. End of 2007 4 Nordic Player with International Reach ...and a global platform and client base in target niches

Glitnir Offices Seafood Sustainable Energy Offshore Service Vessels

Services provided to Nordic and Niche clients Globally

Corporate Banking Investment Banking Capital Markets 5 Successful Niche Strategy

Successful Concept Niche Loan Portfolio (2005-2007)

 Industry background and heritage in home markets 300 14%

 Dedicated teams of industry experts, academics & professionals serving clients globally 200 12% n b

 Partnerships with industry associations and networks K S I 100 10%  Global Niche research and conferences

 Niche strategy serves as a spearhead for origination of 0 8% corporate lending, advisory and client relations 2005 2006 2007

internationally Niches % of total loan portfolio

Increased emphasis on niche activities Niches Loan Portfolio 2007 Integrated service offering to niche clients Sustainable Energy  Well- positioned in growth industries 10%  Seafood: Long-standing position  Sustainable Energy: Unique position in booming Offshore industry Service  Offshore Service Vessels: Local niche in 28% Seafood Norway, the leading global OSV hub 62%  Break-through year in niche transactions, 42% of 2007 CF advisory fees from niche- related activities 6 Seafood & Glitnir

Glitnir Value Proposition Global top 12 Suppliers of Seafood 2005

 Icelandic and Norwegian seafood industry heritage 70.0 Capture Aquaculture  Seafood teams located in 6 countries providing 60.0 50.0

extensive geographical coverage and global research T M 40.0 on the industry n o i l

l 30.0 i  Glitnir has unique access to strategic partners and key M 20.0 corporate players in the global seafood industry. 10.0 0.0

 e d

Of today’s top 100 seafood companies, Glitnir has 46% a n A a u a y d a l i m r i i S n n a d a n i s d a e h a p U a a l h e w n n l P i C a n

as clients, and 68% either as clients or ongoing I r t n C e J a a o e o c h i I C N d relationships T V Source: FAO FIGIS Databasen 2007 I Fisheries Production and World Population Selected Glitnir Customers

250.0 9 Aquaculture 8 Captured fisheries 200.0 7 P

World Population o 6 p u s l n 150.0 a o t i T

5 o

n n

o ( i b l 4 l i i l

100.0 l i M o

3 n )

50.0 2 1

0 0 7 Source: FAO 1970 1980 1990 2000 2010 2020 2030 Sustainable Energy & Glitnir

Glitnir Value Proposition U.S. Geoth. Installed Cap. Estimates (MW)

16,000  Iceland & Norway with < 99% of electricity production 14,000 from renewables (~9% in the United States), Iceland (Additional) Resource Estimates 12,000 Projects in Development being one of the leaders of geothermal energy utilisation Current Installed Capacity 10,000 12,558  Focused team of industry experts providing extensive 8,000

global research and full range of financial services 6,000 5,588 2,916 4,000  Strong position among strategic partners and key 2,000 2,851 2,851 2,851 2,851

corporate players in the global Geothermal industry 0 Current Projected 2015 2025  Glitnir has client relationships with players representing Estimate Estimate Source: Geothermal Energy Association, “Update on US Geothermal Power Production 10% of the world geothermal production and Development, May 10, 2007”; WGA, Geothermal Task Force Report January 2006 GeothInstalled. Capacity Electricity today 9,000 Capacity MW, potential and150,000 Potential MW Selected Glitnir Customers

8 Source: Bertani, R. “What is Geothermal Potential”, International Geothermal Association, Glitnir Research ] Strong and well positioned

9 Strong business model

Core income up 20.6% in 2007 Core income development

90  Sustainability of core income strong 80 70  Net interest income stable 60 n

b 50

K

S 40 I  Fee and commissions sustainable 30 20  Other income less than 10% 10 0 Q107 Q207 Q307 Q407 2007  Cost cutting potential Net Interest Income Net Fees & Comissions  3.5 bn one off costs in 2007 Cost development

 Good asset quality 60 50  Focus on balance sheet management 40 n b

K 30 S I 20

10

0 Q107 Q207 Q307 Q407 2007 10 Stable Net Interest Income

Stable contribution from solid loan book NII by regions 2007

International 2.0  Loan book grew 24% in 2007 Nordic 8.3  Growth in NII estimated above 10% Iceland in 2008 even without increase in the 18.2 loan book  The loan book is hedged* with Europe regard to duration and currency 10.5 Total ISK 39.1 bn NII by regions  Increased funding cost should

n 12

b 0,6

therefore not materially affecting K S I 10 2,3 0,4 0,5 margin on existing portfolio 2,0 8 0,4 2,3 0,8 3,5 1,7 6 2,0 2,1 3,0 2,0 4 2,0 5,2 5,5 2 3,8 3,7 2,8 0 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07

* With the exception of the CAD equity currency hedge and a long position in ISK inflation Iceland Europe Nordic International 11 Sustainable Net Fees and Commissions

Strong foundation for resilient NF&C NF&C by business lines 2007**  Capital Markets built on Equity, FX and Retail Banking Investment 4,4 bond trading volumes Management 8,6 Corporate Banking  Corporate Finance Advisory with 43% of 2,9 fees from niche related business Investment  Banking Investment Management stable with 6,2 substantial growth and cross selling Markets 17,2 potential Total ISK 37.6 bn Glitnir is the no. 2 equity broker in Nordics* NF&C by regions 2007** OMX & OSE International )

n 2,000 8%

b Europe 0.8 7% K M 3.0 S

I 1,500 6% a ( r

k r

5% e e t v

o 1,000 4% S n h r a

u 3% r T

e Iceland

r 500 2% i

n 18.1 t

i 1% l

G 0 0% Nordic Jan March May July Sept Nov Jan 15.7 Turnover Market Share 12 * Equity brokerage by turnover on OMX+OSE from January 2007 to January 2008 ** Excluding Treasury and Other -1.6 bn Total ISK 37.6 bn Profit Before Tax Growing contribution from non-Icelandic operations

PBT 2007 by regions PBT 2007 by business lines*

International Investment Corporate 6% Management Banking Total ISK 33.9 bn 1.5 12.7 Europe 23% Retail Banking 5.0 Iceland 48%

Investment Matkets Banking Nordic 7.2 8.1 23%

50 n b 50 n K b

S 40

I

K 40 S I 30 30 20 20 10 10 0 (10) 0 2005 2006 2007 2005 2006 2007 Iceland Nordic Europe International Corporate Banking Investment Banking Markets Retail Banking Investment Management Treasury & Other 13 *Chart excludes Treasury and Other -0.6 bn Well diversified funding mix

Successful funding operations in 2007 Redemption profile (consolidated)

 Long-term funding equivalent to EUR 6.45 bn 7,000

during 2007 6,000

 Large part of parent’s funding executed in the 5,000 first half of 2007

m 4,000

R U

 Well spread maturity profile E 3,000  Liquidity postion is comfortable with EUR 7 2,000 billion immediate available funds with 1,000

maturing long term debt of EUR 2.5 billion for 0 the group due for the remainder of 2008 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Funding done - Consolidated Refinancing need - Consolidated Consolidated funding mix Distribution of LT debt investors (cons.)

FI deposits 2% France Japan 2% Austria 2% Australia Switzerland 2% 2% Deposits 28% GMTN 29% 4% USA Italy 21% 6% Iceland Subordinated US MTN 8% loans 4% 7% Other AUD MTN 1% Norway Other 9% 17% borrowings International Norwegian 14% loan markets UK & Germany bond markets 5% Ireland 16% 9% 12% 14 Glitnir is fundamentally well positioned In Home Markets and Internationally HOME MARKETS  Norway and Iceland are two of the world’s wealthiest economies  Main dependence on strong sectors such as energy, seafood, aluminium and tourism  Ability to effect GDP development by increasing utilization of energy sources INTERNATIONAL  Seafood and Sustainable Energy  Increased focus on Niches in the current market  Loans to Niches have higher margins than the average portfolio  Strong advisory business related to niches  Niches provide a unique deal flow to Glitnir’s equity investments team

15 Appendix

16 Key Financial Ratios

2004 2005 2006 2007 CAD ratio (end of period) 12,6% 12,6% 15,0% 11,2% Tier 1 capital (end of period) 9,4% 9,9% 10,8% 8,1% Return on equity after taxes 40,0% 30,3% 39,4% 19,3% Earnings per share (ISK) 1,13 1,48 2,68 1,86 Average number of full-time employees 1.126 1.216 1.392 1.977 Net interest margin 2,7% 1,9% 2,0% 1,6% Cost/income ratio 49% 36% 38% 57% Impairment losses - as a proportion of average total assets 0,6% 0,2% 0,3% 0,2% - as a proportion of loans and guarantees 0,7% 0,2% 0,3% 0,2% Share price (end of period) 11,2 17,3 23,3 22,0 Price/earnings (end of period) 9,5 11,7 8,7 11,7 Dividend per share 0,35 0,38 0,66 0,37 Pay-out ratio 29,7% 25,7% 24,6% 20,0% Outstanding shares (end of period) 11.081 13.112 14.161 14.729 Share price/book value (end of period) 2,56 2,68 2,26 1,90 Market Capital (ISK bn end of period) 124.107 226.838 329.951 323.302 17 Key Ratios

CAD ratio EPS ROE

1.00 50% 16% 15.0% 14.2% 13.2% 40% 4.2% 2.6% 11.7% 11.2% 0.75 12% 3.8% 30%

3.2% 3.1% K S

I 0.50 8% 20% 43.6% 11.6% 29.8% 10.8% 9.4% 0.64 0.66 26.9% 4% 8.5% 8.1% 0.25 0.46 0.55 10% 20.5% 0.19 7.1% 0% 0.00 0% Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Tier 1 Tier 2

Market Capitalization P/E P/B

500 20.0 5.0 4.0 400 15.0

n 3.0 o

i 300 l l

i 10.0 b 200 398 419 418 2.0 K 330 323 11.70 12.03 12.12 11.7 2.76 S 2.60 2.48 I 5.0 1.0 2.26 100 8.63 1.9 0.0 0 0.0 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07

18 www.glitnirbank.com

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